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So are you planning to buy overseas property in Thailand in 2019? Is this the right time to be buying overseas property in Thailand? Let’s find out.
State of the Overseas Property Market in Thailand in 2019
Thailand has always been a top overseas property destination in Asia. There is huge demand for second homes here, especially in places like Phuket and Bangkok.
Bangkok is of course one of the most famous holiday spots in the world, visited by millions of foreign tourists every year, looking for some fun and excitement.
Phuket is different from Bangkok – less crowded, less noise, not as much traffic, but with all the modern amenities you would expect. Phuket, in fact, has become a major haunt for digital nomads, a new generation of professionals who work from their laptops.
Generally, home prices in Thailand have been on the rise as the Thai economy has picked up after a prolonged recession. That the government has taken some seriously tough action against extremist forces has certainly helped boost sentiments. Politically and economically, Thailand is on the right track.
Which is why, there is once again a huge demand for overseas properties in Thailand. Who are buying? The Chinese are the biggest buyers of properties in Thailand – after all, Thailand is only next door to China.
The Brits are major buyers as well, as are Australians and Americans. There is also a new trend of Scandinavians and Germans investing in second homes in Thailand – rather than in Spain, which is far more expensive.
Are Foreigners Allowed to Buy Overseas Property in Thailand?
Yes, but there are certain restrictions on foreigners buying property in Thailand. They are not allowed to buy a landed property outright; but have to do so on a 30-year lease. They can get it renewed after 30 years, of course, if that is necessary. But most foreigners sell their Thai property within 5 to 10 years and move on, which why the 30-year lease does not really matter.
Many foreigners buy properties in Thailand as a way to apply for the retirement visa. The retirement visa is a 10-year permit given to any foreigner over 50 who wants to spend their retirement in Thailand.
The Overseas Property Buying Process in Thailand
It is not so easy to buy overseas property in Thailand by yourself – you must get help from the right people for that. To begin with, you should hire an overseas property specialist for help with finding the right property.
The overseas property expert will have contacts with those looking to sell their overseas property in Thailand in a hurry, and can get you the best deals.
Once you find a property, the next step is to negotiate with the owner and sign an initial agreement with him. You will be asked to pay an initial deposit of about 10% of the house price with the expectation that you will pay the remaining amount within 30-days or so.
Once the full payment is made, the sales deed will be handed over to you in the presence of a Notary at the local Land Registry office. It is best to hire a local real estate lawyer for help with the paperwork during the property buying process.